MJ

Product @m0 || building things

[Luca Prosperi @LucaProsperi]

Many reached out asking for my thoughts on @openstandard announcement. I decided to share my personal reading, and, more importantly, put it in context with my vision of the world.

First, the announcement. @stripe / @Stablecoin is not new to extremely powerful announcements—nor to announcements where evidence didn’t necessarily follow. Some will remember October 2025's Open Issuance, Bridge's open issuance platform that was meant to be a technology letting companies issue their own stablecoins, overall with limited adoption—albeit in a challenging market.

Open USD is an iteration of the same vision with the opposite architecture: no longer a modular platform, but a single purpose-built entity (called Open Standard) issuing one single token, OUSD, with governance and economics shared among participants. The emphasis has shifted from technology to shared reserve economics, free mint / redeem, aggregated liquidity, and a governance promise that remains without specifics.

The partner list is impressive on paper (140+ of the most powerful names), but its quality is harder to assess given its heterogeneity, as far as we know: (i) some partners have communicated strong commitments to embedding OUSD in their flows, (ii) others have signaled a lukewarm desire to support on X, (iii) others still (who shall remain unnamed) have expressed disappointment through various channels at being listed as implied supporters. This is, for all practical purposes, a list of signed Letters of Intent to collaborate. My honest read is that this will not be a 140-company consortium: it is most probably a @stripe + @Visa + @Mastercard initiative with an aggressive economic rebate attached, and everyone else is in that announcement for a different reason. We should be intellectually honest: OUSD might, in the long run, be a powerful force and a genuinely compelling alternative to @circle's USDC for specific use cases. This is Stripe indexing on convenience, and there is a real market for convenience. Today, however, convenience still points to USDC.

A tokenized, fragmented future. At @m0 we underwrote, years ago, a vision of the world that has been materializing, albeit more slowly than expected: most money will migrate to tokenized form (whether stablecoins or bank deposits) and it will not sit on one balance sheet. Regulation, competitive dynamics in payments and banking, and the economics of self-issuance all point to a monetary base fragmented across many issuers and many balance sheets. Open USD is, ironically, the strongest confirmation of this thesis to date. Whether liquidity and acceptance are dominated by one company willing to give away economics when required (like Circle today) or by a handful of consortia, the incentive to deviate remains. It is our conviction that fragmentation will increase, not decrease: more proprietary dollars, more counter-consortia, more balance sheets. In such a world, value creation does not reside in rent-seeking NIM retention (issuance itself is a race to the bottom) but in the layer that connects the liability claim (the money) to what it can do: inter-issuer settlement, global sophisticated payments, stablecoin-centric financial experiences, crypto, agentic commerce, geographical distribution, and more.

@m0 is building, alongside a handful of others—including many of the signatories of the Open USD initiative, to thrive on fragmentation, by unifying and settling this growing plurality of instruments rather than competing with any of them. Our conviction remains that this productive connective tissue won't be built on announcements and paper alliances, but on technology.

The future. 2026 has so far been a lateral, weird, market, in stablecoin-land: an enormous amount of positioning has been signaled (including by @m0) while very little new volume has actually materialized. Lateral markets are where narratives get sold.

The Open USD announcement is reminding us that most of the largest financial infrastructure companies in the world are heavily investing in what is the deepest paradigmatic shift in finance we will observe in our lifetimes. While this makes the journey more challenging from a mindshare perspective, it confirms that the main asset of companies like @m0, through which we will continue to grow relevance, attract resources, and increase our financial value, will remain the technology we build ahead of everyone else.

Onwards.

[MJ @onchainMJ]

@AltcoinMami Tick tock on $aero

[M0 @m0]

https://t.co/PjdqMgVxj5

[Galaxy @galaxyhq]

MGUSD launched in the U.S. market and is designed to power consumer balances and money transfers across @MoneyGram's global network. MoneyGram plans to expand this across its network of 60M+ customers, nearly 500,000 retail locations, and connections to five billion digital wallets and accounts.

[MJ @onchainMJ]

@CoinbaseDuck @circle Or launch on a modular platform with interoperability for all 100+ usd denominated stables @m0

[MJ @onchainMJ]

Be part of the movement

[orkun 🍊🍋 @0x_orkun]

ctUSD is the engine for Bitcoin-backed loans and structured products on Citrea.

Be part of the movement ⏳

[MJ @onchainMJ]

@ConnorZero_ @JoeQTrader @m0 🧑‍🍳🧑‍🍳🧑‍🍳🧑‍🍳

[MJ @onchainMJ]

@0xLawl @m0 @Anchorage 😂

[MJ @onchainMJ]

Super excited to partner with one of the most respected companies in crypto. Plenty of Genius-compliant stablecoins will be brought to market on @m0 rails, issued by @Anchorage.

[M0 @m0]

We’re excited to announce @Anchorage is partnering with M0 to power stablecoin issuance using M0’s modular infrastructure. Anchorage Digital will become the first federally chartered digital bank to do so.

[M0 @m0]

We’re excited to announce @Anchorage is partnering with M0 to power stablecoin issuance using M0’s modular infrastructure. Anchorage Digital will become the first federally chartered digital bank to do so.

[MJ @onchainMJ]

@a16zcrypto probably could have put @m0 in a few of these buckets including (but not limited to) cross-chain orchestration, liquidity provider, stablecoin orchestration.

also shoutout to our compliance partner @0xPredicate @pumpernikhil

[MJ @onchainMJ]

@TheDeFinvestor Or @m0 👀

[MJ @onchainMJ]

@ConnorZero_ @m0 😤😤😤😤

[MJ @onchainMJ]

Quality explanation of @saturn_credit’s @m0 powered stablecoin and strategies to maximize yield.

[DeFi Andree @DeFi_Andree]

13% APY Stablecoin | Harvesting Real Yield with @saylor’s BTC Play

@saturn_credit is the infrastructure bringing Institutional Credit on-chain. By leveraging M0’s tech stack, they wrap U.S. Treasury Bills into USDat and MicroStrategy (STRC) dividends into sUSDat

Essentially, Saturn transforms Michael Saylor's Bitcoin accumulation power into a direct, high-yield cash flow for the DeFi ecosystem

---

How to earn:

> Convert USDC → USDat (100% T-Bills, ultimate safety)
> Stake $USDat → $sUSDat (Earn 11.5% dividends from STRC)
> Optimize (Pendle LP): Deploy sUSDat into @pendle_fi LP to hit 13% - 14.7% APY + earn 5x Saturn Points

Alternative Strategies:

▸ Safe & Steady: Buy PT-sUSDat on Pendle. Lock in a fixed ~13% yield immediately, no need to check the charts

▸ Airdrop Hunter: Provide liquidity (LP) to receive 5x Points. This is the sweet spot between yield and airdrop positioning

▸ Degen Play: Buy YT-sUSDat to stack 10x Points. You are betting on MicroStrategy’s continued aggressive expansion

⤷ We are betting on the credit health of MicroStrategy. As long as Saylor keeps fighting alongside BTC, this setup remains a winner

---

Where does the yield come from?

$USDat:
▸ 100% backed by Treasury Bills
▸ The Defensive Layer
▸ Stable, transparent, and no-frills cash flow

$sUSDat:
▸ ~97.4% backed by @MicroStrategy's STRC
▸ The Acceleration Layer
▸ The core engine driving the most attractive part of this play

---

Betting on Saylor is betting on the future of Bitcoin. A 13% APY is simply the reward for those brave enough to walk with giants

➥ Earning U.S. bank interest, Saylor’s dividends, and farming Saturn Airdrops. Hitting three birds with one stone.

[DeFi Andree @DeFi_Andree]

13% APY Stablecoin | Harvesting Real Yield with @saylor’s BTC Play

@saturn_credit is the infrastructure bringing Institutional Credit on-chain. By leveraging M0’s tech stack, they wrap U.S. Treasury Bills into USDat and MicroStrategy (STRC) dividends into sUSDat

Essentially, Saturn transforms Michael Saylor's Bitcoin accumulation power into a direct, high-yield cash flow for the DeFi ecosystem

---

How to earn:

> Convert USDC → USDat (100% T-Bills, ultimate safety)
> Stake $USDat → $sUSDat (Earn 11.5% dividends from STRC)
> Optimize (Pendle LP): Deploy sUSDat into @pendle_fi LP to hit 13% - 14.7% APY + earn 5x Saturn Points

Alternative Strategies:

▸ Safe & Steady: Buy PT-sUSDat on Pendle. Lock in a fixed ~13% yield immediately, no need to check the charts

▸ Airdrop Hunter: Provide liquidity (LP) to receive 5x Points. This is the sweet spot between yield and airdrop positioning

▸ Degen Play: Buy YT-sUSDat to stack 10x Points. You are betting on MicroStrategy’s continued aggressive expansion

⤷ We are betting on the credit health of MicroStrategy. As long as Saylor keeps fighting alongside BTC, this setup remains a winner

---

Where does the yield come from?

$USDat:
▸ 100% backed by Treasury Bills
▸ The Defensive Layer
▸ Stable, transparent, and no-frills cash flow

$sUSDat:
▸ ~97.4% backed by @MicroStrategy's STRC
▸ The Acceleration Layer
▸ The core engine driving the most attractive part of this play

---

Betting on Saylor is betting on the future of Bitcoin. A 13% APY is simply the reward for those brave enough to walk with giants

➥ Earning U.S. bank interest, Saylor’s dividends, and farming Saturn Airdrops. Hitting three birds with one stone.

[M0 @m0]

Excited to be supporting the Saturn team!

@saturn_credit’s USDat is built on M0’s technology platform.

[MJ @onchainMJ]

🚀 Make defi yield great again. Built on @m0 rails.

[Saturn Foundation @saturn_credit]

Saturn is live on public mainnet.

Earn 11.5%+ with sUSDat, backed by Bitcoin.

The benchmark for onchain yield.

[MJ @onchainMJ]

@guywuolletjr @a16zcrypto @lew_xyz

[Joao Reginatto @reginatto]

We are happy to show the way at @m0. Builders deserve stablecoin infrastructure that is sophisticated and constantly evolving - not dumb, stale tokens based on last decade's templates. Glad to see Paxos getting some inspiration from our tech.

[M0 @m0]

Built on M0